Good morning. I am surprised to see so many replies overnight.
Before answering please take a look at the new price now, Chinese trader's price is close to price of MtGox, very unusual (China used to be big export country so the price of bitcoins was often the cheapest of all global markets).
People always see what they wish to see. I also read Chinese bitcoin forums, and there is a recent poster, awaring baidu cannot stir up such a rally by the event itself, attribute the rally to that "also in the U.S. after silkroad traders feel positive because crime is purged from bitcoin".
Today's price is rising as usual, and mind the sharp raise of all Chinese exchang's price at GMT 00:00, which is local time 8 in the morning. The excitement yesterday must have made some birds rise early. Please mind that it is definitely not solid, Chinese traders are not confident - you have to decide for your own if there will be a straight bull market as confidence gets confirmed and grow, or an early rush sell. I myself betted the former and am exposed to the risk of latter, because it is too risky to be prudent: the confidence may get past to the west and change the mood globally.
In other words, it looks like sentiment drove Baidu Jiasule to accept bitcoins, rather than their acceptance driving sentiment. The Baidu story isn't what caused China to catch the Bitcoin bug; it's proof that China has caught the Bitcoin bug.
Exactly my take on the things.
One thing I'm wondering about though is more on-topic: if the Chinese government got obedience from most Bitcoin users in China, could that qualify for the obedience-system?
How do you even come to that point? This is completely mind-bogging! The government sees tools as means to control people, and obedience as Chinese be, do you think we love to obey? That we have the slightest idea to adore our government? People has to be chained to stay obedient! In my personal opinion, under this pressure people is more likely to develop to scoundrels than docile, begetting more chains.
I read that in 2007, the government of China limited Q-coin purchases to 120 Q-coins per month for each person. Is that limit still enforced?
Bitcoin provides a way to convert yuan to Bitcoins to dollars or euros or yen, bypassing the exchange controls of the State Administration of Foreign Exchange. Once someone has bought Bitcoins, there is no way to prevent them from converting them to another currency outside China. Will the People's Bank of China do something to stop that? Or is Bitcoin too small to matter?
Answer your first question: I don't even bother to look up, one person 120 Q-coin per month is unbelievable nowadays. Such a limitation would serves better the purpose to test the chain - how willing a company complies with governmental rules that is against its own interest. In reality QQ makes money on entertaining people, which is never bad for a centralized power.
And your second question: I think bitcoin is too small to matter now. Unlike in the U.S. where banks own the government (at least I heard so) here government owns the bank. It look like the kind of issue that the government will take direct action with its prosecutors and police, not through policies in the People's Bank of China. (FYI In China the person prosecuted is always "found" guilty.)
Shocked by billionaires being executed
Zeng was not that stupid to challange his government; he didn't. Government is made of people; the official he believe that backs him is removed from high position and his pervious investment stuck in the goverment. He probably tried to get the money back, and was likely killed for that reason. Before you assume him a tough guy, know that he may be well docile with the previous official, just got caught a unmerciful disaster. A good lesson for power strugglers. Also keep in mind that a leader of a province in China has as many man under his reign as an emperor in Europ, not to be trifled with.
OP i rarely see a Chinese member that can make such honest statement. Most Chinese on the interweb always talk fantasy about China which in turn gives all the Western ppl a delusion of China becoming like a Western Capitalist country. I also blame stupid mainstream media,.... frankly they're all owned by big corporations which all have benefits from working with China.
So you saw for yourself the roaring 20s franticness.
Chinese speculators waiting for a thing to spark a rally makes a lot of sense. They were the ones who had the first ASIC miners. So they must have stockpiled a lot of BTC waiting to sell at high prices. The exchanges help them with 0% fee for some fake volume et voilá a new bubble is born. Another famous chinese pump and dump strategy. Be warned ladies.
Can you back that? I also suspected they have fake volume with their 0% fee for a while, but it may even be true.
This is important, because bitcoin is a bigger threat to a weakening fiat currency than to a strengthening one. China is still a long ways to go before their monetary and fiscal policy isn't as loose as a 13 year old Thai prostitute's vagina, but they are "tightening" and the U.S. is still "loosening." China's CB is also buying massive quantities of gold, and they encourage their citizens to purchase gold. So in some ways, Bitcoin is less of a threat to them and more of a threat to the dollar. They may not mind it so much since it may hurt their "enemy" more than it hurts them.
The enemy of my enemy is my friend.
This is unrealistic. I took it as a typical U.S. idea. Why Chinese government think much of U.S. when it comes to bitcoin? More straight question: why Chinese government should take it a priority to fight the U.S.? Perhaps the people in the U.S. think they are really important and we are here everyday figuring how to fight the U.S. The chief enemy of Chinese government is, frankly, Chinese people. So is the second and third enemy. U.S. lines up the fifth enemy of Chinese government. You are not that important in this decision making.
China blocks western news outlet and facebook; don't have any idea China is doing this to fight U.S., they do it to fight us the people.
